Turkish lira is holding near all-time low and about to enter uncharted territory
The USDTRY advanced 4% this week and approached new record high at 8.7536, posted on June 2, Fed’s signals of stimulus tapering and rate hikes, probably earlier than expected, strongly boosted dollar.
This week’s advance nearly fully retraced shallow pullback from new all-time high and signaling that the pair is about to enter uncharted territory again.
Bulls eye targets at 8.9000 (round figure) and 8.9796 (Fibo 123.6% projection of the upleg from 6.8951 (Feb 16 trough) with extension towards 9.0000 (psychological) and 9.2258 (Fibo 138.2% projection) not ruled out on stronger acceleration.
Res: 8.7060; 8.7536; 8.8000; 8.7536
Sup: 8.6142; 8.5550; 8.5265; 8.5000